86 400 CONTROL ISSUES

The nation’s first smartbank is helping Australians take control of their money every day, every hour, and every second.

There are 86,400 seconds in every day, and Australia’s first smartbank is here to make those seconds count in new and thrilling ways for its customers. “The Australian environment is absolutely ripe for new technology in banking,” declared 86 400 CEO Rob Bell. “Australia’s ready for a new bank.”

That new digital bank is the very first of its kind in the nation, designed with mobile-first technology. Unencumbered by the legacy systems found in traditional banking, 86 400 chose the best technology and the best minds to develop their pioneering neobank. “We were granted our full banking licence on 18 July 2019, allowing us to operate as an authorised deposit-taking institution,” Bell revealed.

All deposits to 86 400 are guaranteed up to $250,000 per customer by the Australian Government’s Financial Claims Scheme. “We are laser-focused on the segments and market that we’re going after, so we’re not distracted by the millions of opportunities of banking in Australia.”86 400 focusses on three product pillars, all of which are transaction accounts: savings accounts, checking accounts, and home loans.

“Australia is second behind Singapore with smartphone usage and has higher mobile banking penetration than most developed countries globally, so we had a really strong starting base,” added Travis Tyler, the bank’s Chief Product and Marketing Officer. “What we also saw in the Australian market was the rise of mobile wallets and digital payments. All segments were starting to adopt mobile phones. Over half of Australians are dominantly doing their banking by mobile, so it’s not hard to believe that in five years everyone will be doing that.